CMI Limited, the leading specialty cables company, announces its Q3 results:
CMI Limited, the leading specialty cables manufacturer, announced its unaudited financial results for the quarter ended 31st of December 2016. The revenues stood at Rs. 5,936.51 Lakh in Q3 2016-2017 as against Rs. 7,540.83 Lakh in Q3 of 2015-16 on a standalone basis. The Q2 revenues were Rs. 9,221.95 Lakh. The revenues on a consolidated basis stand at Rs. 8,400.40 Lakh in Q3 2016-2017. The Profit after Tax (PAT) was at Rs. 270.18 Lakh in Q3 2016-2017, against Rs. 481.26 Lakh in Q3 of 2015-16. The PAT in Q2 2016-17 was at 555.51 Lakh. On a consolidated basis, the PAT in Q3 of 2016-17 was Rs. 203.93 lakhs. The earning per share (EPS) was Rs. 1.82 in the quarter ended December 31, 2016, as against Rs. 3.54 in Q3, 2015-16. On a consolidated basis, the EPS was Rs.1.40.
Mr. Amit Jain, CMD, CMI Ltd said, “The working of the company has been affected by demonetisation and delivery has been postponed to coming quarters. However our order book remains healthy and we are confident of maintaining a compound growth of 25% on a consolidated basis.” CMI Limited had acquired Fortune 500 company, General Cable Corporation(GCC)’s India operations in 2015-16 and this went on steam in a record 4 months post acquisition. Q1 saw the successful commissioning of CMI Energy India Private Limited. The company has already started bagging orders and has started generating revenues from Q2. Mr. Jain further added that the new subsidiary “CMI Energy” is fully operational and has started contributing to CMI’s topline. There are a number of new products, which are in the offing and will be launched in the next 2-3 quarters.